|Former Oakwood Elementary building to become Oakwood Senior Living, says Rick Dover, Knoxville businessman.Left to the elements, the former Oakwood Elementary building would surely crumble, says Rick Dover. This Knoxville real estate developer just couldn’t let that happen. According to Rick Dover, Knoxville and the surrounding areas have let far too many historic buildings do just that. His company made a plea to city officials to repurpose the building. Rick Dover of|
Knoxville real estate development firm Family Pride Corporation requested to purchase the derelict building—his offer price, just $1,000.
A bargain for both
While $1,000 is a meager sum for such a large property, Rick Dover says Knox County officials agreed, knowing the development—or rather, redevelopment—would revitalize an ailing neighborhood, create jobs, and provide tax revenue for the city. Family Pride Corporation has committed $6.5 million in capital investment for the property to transform it into a state-of-the-art assisted living facility for seniors. Oakwood Senior Living was sold under the Payment in Lieu of Taxes program, says Rick Dover. Knox County administrators have approved a loan of $770,000 to repair the structure’s deficiencies and bring it up to code. Reportedly, Rick Dover and the Knox County Department of Finance have agreed to settle the loan over a 10-year period.
Rick Dover says this Knoxville landmark—the building dates from 1914—will provide dignified, safe and affordable senior living for residents on a fixed income. Additionally, Knox County Mayor Tim Burchett estimates the project will create up to 35 full-time jobs, says Rick Dover. Knoxville job-seekers have reacted positively to the news. In addition to care staff, the project will employ numerous local renovation and construction professionals.
Notably, explains Rick Dover, Knoxville is a city that has shown widespread interest in green initiatives. The restoration of this existing structure is an environmentally-friendly step in the right direction, says Rick Dover. Knox County leaders agree, citing the additional benefit of higher property values in the area immediately surrounding the building. Many believe that Rick Dover will set the standard for conservation in the construction industry in East Tennessee. Rick Dover and Knoxville-based Family Pride Corporation hope that is exactly what happens.
A personal project
Rick Dover says Knoxville will benefit greatly from this project. The property will not only increase property values and create tax revenue for the city, but, most importantly for Rick Dover, Knoxville area seniors will finally have a budget-friendly alternative for their care.
This is not the first project of its kind for Family Pride Corporation, says Rick Dover. The Knoxville-based businessman explains his company has focused specifically on senior living for the last decade. The real estate developer began focusing on affordable senior living after his own grandfather struggled to find a senior care facility that would not deplete his entire life savings, explains Rick Dover. Knoxville retirement communities for those seeking an economical alternative to living with family were far and few in between.
Oakwood Senior Living
According to Rick Dover, Knoxville seniors who make the move to Oakwood Senior Living will enjoy many amenities. Aside from the development’s 62 private units, Oakwood Senior Living’s plans include a commercial-grade kitchen and ample green space and community-use areas, reports Rick Dover. Knoxville seniors will also have the option of “aging in place” as the facility includes both independent and assisted living, as well as memory and dementia care.
About Rick Dover, Knoxville businessman
Rick Dover of Knoxville has been in the construction and real estate industry for as long as he can remember. He spent the first several years of his career on new construction but focuses his attention now on green and sustainable building practices, utilizing existing structures to create affordable and attractive senior living facilities.